Murdoch’s News Corp. Reports Profit Loss of 24%
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News Corp., owner of Twentieth Century Fox studios, said second-quarter profit fell 24% from a year earlier, when it had a gain from asset sales. Revenue jumped 18% on the box-office hit “Borat.”
Net income at the world’s third-largest media company dropped to $822 million, or 26 cents a share, from $1.08 billion, or 33 cents, a year ago. Revenue rose to $7.84 billion, the company said in a statement.
Sales of film and DVDs from the company’s studios and revenue from MySpace, the social-networking Web site, made up for losses at MyNetwork TV. “Borat: Cultural Learnings of America for Make Benefit Glorious Nation of Kazakhstan,” was made for $18 million and generated $248 million in ticket sales worldwide.
“The quarter was better than we expected, driven by the film studios,” an analyst at UBS AG in New York, Aryeh Bourkoff, said.
